Universal Sompo Car Insurance Claim Settlement Ratio

What is Claim Settlement Ratio?

Claim settlement ratio is a simple ratio of the total number of claims settled by an insurance company, divided by the total number of claims received by the insurer over a period of time. It is a measure of the performance of an insurer in settling claims. The higher the ratio, the better it is for the customers. The claim settlement ratio of an insurer also helps customers to assess the ability of the insurer to honor its claims. Customers usually prefer to buy a policy from an insurer with a good claim settlement ratio.

Universal Sompo Car Insurance Claim Settlement Ratio

Universal Sompo General Insurance Company is a joint venture between Dabur Investment Corporation, Indian Overseas Bank, Karnataka Bank Ltd, and Sompo Japan Nipponkoa Insurance Inc. It offers various general insurance products such as motor, health, travel, home and personal accident insurance. Universal Sompo has a good reputation among customers and has a good claim settlement ratio. The company has a claim settlement ratio of over 90% for car insurance policies. This means that out of every 100 claims filed by customers, the company settles 90 or more of them.

Benefits of Universal Sompo Car Insurance Claim Settlement Ratio

Universal Sompo has a good claim settlement ratio which gives customers the assurance that their claims are likely to be settled quickly and efficiently. It also helps customers to save time and money in the process. The company has a customer friendly approach and is known to settle claims quickly without any hassle. It also offers a range of value added services such as cashless claims, 24/7 customer service, tie-ups with garages for cashless settlements and more.

Factors Affecting Universal Sompo Car Insurance Claim Settlement Ratio

The claim settlement ratio of Universal Sompo is affected by several factors such as the type of policy, the coverage provided, the age of the vehicle, the make and model, the place of registration, the amount of claim and the type of claim. The customer's driving record and the claim history of the customer also have an impact on the claim settlement ratio. Customers should make sure that all the documents required for filing the claim are in order before filing the claim.

Tips to Improve Universal Sompo Car Insurance Claim Settlement Ratio

The best way to improve the claim settlement ratio of Universal Sompo is to ensure that all the documents required for filing the claim are in order. Customers should also make sure that they purchase the right type of policy for their vehicle. They should compare different policies from different insurers before making the purchase. Customers should also make sure that they read the policy documents carefully and understand the terms and conditions. It is also important for customers to keep their vehicle in good condition and maintain the records of all the servicing and repairs.

Conclusion

Universal Sompo has a good claim settlement ratio and is known to settle claims quickly and efficiently. Customers should make sure that they purchase the right type of policy and keep the documents required for filing the claim in order. They should also keep their vehicle in good condition and maintain the records of all the servicing and repairs. By doing this, customers can ensure that their claims are settled quickly.